DIRECTIVE BY THE MINISTER OF FINANCE FOR THE ISSUE OF AN AMOUNT NOT EXCEEDING €46,587,467.97 5.9% MALTA GOVERNMENT STOCK

9% MALTA GOVERNMENT STOCK 2015

(SECOND ISSUE) FUNGIBILITY ISSUE

SUBSIDIARY LEGISLATION 161.102

DIRECTIVE BY THE MINISTER OF FINANCE FOR

THE ISSUE OF AN AMOUNT NOT EXCEEDING

€46,587,467.97 5.9% MALTA GOVERNMENT STOCK

2015 (SECOND ISSUE) FUNGIBILITY ISSUE

7th February, 2003

LEGAL NOTICE 60 of 2003, as amended by Legal Notice 427 of 2007.

1. The title of this Directive is the Directive by the Minister

of Finance for the Issue of an amount not exceeding €46,587,467.97

5.9% Malta Government Stock 2010 (Second Issue) Fungibility

Issue.

2. This Stock shall be issued as set out in the prospectus.

3. All persons and, or entities are eligible to apply for this

Stock. Allotment will be applied as set out in the prospectus.

4. (a) In terms of the Malta Stock Exchange Act, when the

Stock has been allotted, an application shall be made

for the Stock to be placed on the official list and for

trading on the Malta Stock Exchange.

(b) On the 9th April, 2003 after the payment of the first

dividend, this Stock will be integrated with the existing

issue - 5.9% Malta Government Stock 2015 (II) and

shall thereafter both be deemed to be one Stock.

5. The sum of money to be raised by the Stock shall not

exceed €46,587,467.97.

Interest at the rate of €2.95,0 for every €100 Stock will be

payable half-yearly in arrear on the 9th day of April and on the 9th

day of October in every year for the duration of the Stock. The first

payment, pro-rata, covering the period from the 22nd day of

February, 2003 to the 9th day of April, 2003 shall be made on the

9th day of April, 2003.

The Stock shall be redeemed at par on the 9th October,

2015.